By Wendy Carpenter-Israel
"The Trump Election has had a dramatic effect on prices of high-end, luxury Washington, DC properties for sale." says Stephen Carpenter-Israel, President and Broker of Buyer's Edge an Exclusive Buyer's Brokerage Real Estate Company in the Washington, DC Metro area.
Caveat Emptor "Buyer Beware"
Steve Israel found that "List Prices of properties above $3,000,000 compared to the values of properties that sold before the election have risen 31% in the Posh Neighborhoods of Georgetown and Kalorama."
There are currently 21 listings in this Buyer's Edge survey which includes fee simple properties (no condos or coops). The total combined prices of these properties is $131,934,900 according to the Metropolitan Regional Information System (MRIS Search). They have a combined square footage based on the Tax Living Area of 114,809 SF equating to $1,149.16 per square foot.
The MLS listings that actually sold in the same communities using the same criteria in the time frame of 180 days prior to the election were sold for an average of $879 per square foot. 16 homes with a total value of $53,830,000 and a total of 61,204 SF.
There also are a higher number of "pocket listings" being pitched by the traditional real estate listing companies that appear to be at substantially higher prices.